Describe information imperfection and its role in market failure. Do consumers possess perfect acknowledge regarding their...
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Describe information imperfection and its role in market failure. Do consumers possess perfect acknowledge regarding their health status and the treatment options available to them? Explain fully. |
Homework Answers
Information forms the basis for every profession it is the very basic communication methods used in healthcare sector for a quality service.This is achievable only when a systematic ,planned, accurate approach is followed .Any alterations in this can lead to information imperfection.This can lead to loss in the market by poor or imperfect information
Every individual is aware of their health and what their health plan includes or provides rather than the insurer or the provider.They are more concerned whether all the services are covered as per their coverage. Any incorrect or wrong information,lack or services in this can lead to a negative impact on them leading to a drop in their market.
For example
A patient received a treatment on out patient service after discharge, in case if the patient has been claimed as inpatient it will directly affect the quality,beliefs ,confident on the concerned health care organization to the public or patient finally resulting in market failure and loss financially.
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Describe information imperfection and its role in market
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